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Will I have to file my 1099 from Etsy if I made less than 22,000 dollars? I heard they changed it again from 600 back to 22,000 until we file for 2023.

 
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3 Replies

Will I have to file my 1099 from Etsy if I made less than 22,000 dollars? I heard they changed it again from 600 back to 22,000 until we file for 2023.

You have to enter ALL of your 2022 income on your 2022 income tax return.  The fact that they have changed the procedures for reporting the income does not mean you wait to enter it next year.  You do not need a 1099 to report the income.   You use your own meticulously kept records (which you have, right?)  and enter the self-employment income for 2022.

 

 

https://ttlc.intuit.com/questions/2926899-how-does-my-side-job-affect-my-taxes

 

https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...

 

https://ttlc.intuit.com/community/self-employed/help/what-is-the-self-employment-tax/00/25922

 

https://ttlc.intuit.com/questions/2902389-why-am-i-paying-self-employment-tax

https://ttlc.intuit.com/questions/1901340-where-do-i-enter-schedule-c

 

 

https://ttlc.intuit.com/questions/3398950-what-self-employed-expenses-can-i-deduct

 

 

https://ttlc.intuit.com/questions/1901110-do-i-need-to-make-estimated-tax-payments-to-the-irs

 

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Will I have to file my 1099 from Etsy if I made less than 22,000 dollars? I heard they changed it again from 600 back to 22,000 until we file for 2023.

That's not exactly what they changed.  That's to send you the 1099K form.  But you still have to report all your income no matter how small.   You need to report it as General income or Cash.

 

To report your self employment income you will fill out schedule C in your personal 1040 tax return and pay SE self employment Tax. You can enter Self Employment Income into Online Deluxe or Premier but if you have any expenses you will have to upgrade to the Self Employed version. Or any of the Desktop programs. But you will get the most help in the Home & Business version.


How to enter income from Self Employment
https://ttlc.intuit.com/community/self-employed/help/how-do-i-report-income-from-self-employment/00/...


Self Employment tax (Scheduled SE) is automatically generated if a person has $400 or more of net profit from self-employment. You pay 15.3% SE tax on 92.35% of your Net Profit greater than $400. The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire. You do get to take off the 50% ER portion of the SE tax as an adjustment on 1040. The SE tax is already included in your tax due or reduced your refund. The SE tax is in addition to your regular income tax on the net profit.

 

 

Will I have to file my 1099 from Etsy if I made less than 22,000 dollars? I heard they changed it again from 600 back to 22,000 until we file for 2023.

Another example of why  they should have stuck to their guns and keet the reduced $600 limitation this  to catch all the folks who have been skating under the wire and not report all their side gig incomes all these years.  But 2023 will finally snare them if congress/IRS  will have the balls to not back down again.

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